THE stockmarket was almost one per cent lower at noon after uncertainty over the European debt crisis weakened stocks, particularly in the financial and resources sectors.
At midday (AEST), the benchmark S&P/ASX200 index was 42.6 points lower, by 0.92 per cent, at 4610.2 points, while the broader All Ordinaries index was down 38.2 points, or 0.82 per cent, at 4641.3 points.
By 12.04pm (AEST) the Sydney Futures Exchange, the June share price index futures contract was 58 points lower at 4613 points, on volume of 14,290 contracts.
CommSec market analyst Savanth Sebastian said international pressures continued to affect the domestic market.
"The uncertainty over the global market is the key focus at the moment," Mr Sebastian said.
"European debt concerns continue into reverberate around the globe which has added some volatility to our market."
Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
Mr Sebastian said financials were suffering after reports that nine global banks were facing probes in the US, which followed the threat of a class action against local banks over exception fees.
At 12.01pm (AEST), Commonwealth Bank was down $1.01, or 1.84 per cent, at $53.93, Westpac was 32 cents lower, by 1.27 per cent, at $24.96, NAB had dropped 56 cents, or 2.16 per cent, to $25.39, and ANZ was down 43 cents, or 1.85 per cent, at $22.86.
At 12.10pm (AEST), mining giant BHP Billiton was down 44 cents, by 1.13 per cent, at $38.38 and Rio Tinto was down 54 cents at $67.75.
By 12.11pm (AEST), the spot price of gold in Sydney was $US1236.30 per fine ounce, down $US2.70 on yesterday's closing price of $US1239.
Lihir Gold jumped two cents, or 0.72 per cent, to $4.16, and Newcrest Mining rose 24 cents to $33.59.
In the energy sector at12.18pm(AEST), Santos had put on one cent, or 0.08 per cent, at $13.16 after it appointed Fluor Australia Pty Ltd as preferred contractor to carry out engineering, procurement and construction of upstream facilities at its Gladstone liquefied natural gas (GLNG) project in Queensland.
Oil Search had gained one cent at $5.70 and Woodside was 20 cents lower at $44.61.
Stocks open lower following tax reviewDow builds on its gains
